On March 9, 2018, SteelOrbis reported that US HRC prices were trending at $40-$42 cwt. ($882-$926/mt or $800-$840/nt), ex-mill; the upward price trend was largely tied to the announcement of Section 232 tariffs.
Today, however, prices are holding at $34-$35 cwt. ($750-$772/mt or $680-$700/nt), ex-mill; current prices are only up slightly from late January levels, before US flat rolled steel producers announced two separate $2.00 cwt. ($44/mt or $40/nt) price increases.
Price momentum, however, remains upward. With US scrap prices rising this month, market sources continue to agree that prices are likely to hit $36 cwt. ($794/mt or $720/nt) ex-mill before the end of March, and forecast that prices will continue to adjust upward slightly throughout Q2 before leveling off.